Crypto exchange OKX said it has pure proof-of-repository (PoR) that includes the industry’s most notable assets (bitcoin, ethereum, and USDT). According to the platform, this is the third monitor for January.
OKX has $7.5 billion in virtual assets.
A press release on POR Claims OKX has $7.5 billion in net assets, mostly in Ethereum (ETHBitcoin (BTC), and USDT. The statement was also confirmed by a third-party analysis company called CryptoQuant and proved that there is no flaw in the trading platform.
CryptoQuant is an organization that investigates the reliability of exchanges and provides metrics to users. According to the press release, its analysts claimed that OKX is 100% sufficient and operational, with 105% for Ethereum, 105% for Bitcoin, and 101% for USDT.
on the other hand, BinanceA digital exchange platform giant, it is said to be 87% clear, Huobi 60%, and Bitfinex 70%.
After the report, Rafiq Haider, OKX CMO, said that trust, transparency, and security are considered core values of the organization to fully satisfy its clients. According to him, the organization will continue to provide data on its reserves to its clients as needed.
Rafiq refused to create a stablecoin.
When asked about creating their own stablecoin as seen with other independent exchanges such as Binance and FTX with FTT, Rafiq replied that exchanges to launch stablecoins to conduct transaction activities. Because they don’t need to High imposition Threats to the Crypto Ecosystem Therefore, the problem revolves around native tokens to build a trusted audited environment.
The new OKX website design allows its clients to check out proof-of-concept deposits, such as for BTC, USDT, and Ethereum. This Characterization also determines. PoR ratio; Dues can be verified with a new tool geared toward OKX.
Reserve audit evidence is important because it informs individual and institutional investors of the exchange that it is reliable over time. This is to avoid specific problems embedded in the industry, such as the FTX story that led to the arrest of their owner, known as Sam Bankman Freud.
The issue of SBF arose after liquidation of customer funds deposited in the exchange, yet the organization faced several shortfalls. Instead, he later took out the liquidators to invest more in his company Alameda, where it collapsed. Former Alameda CEO Carolyn Allison has pleaded guilty to the charges and is fully cooperating with U.S. prosecutors.
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